Each of these directions has proven to be fruitful for understanding
business strategy. None, however, in our judgment, can adequately account for some of the new empirical phenomena emerging in many technology-based industries. All of the traditional views are based upon ownership and control as the key levers in achieving strategic success. All focus largely within the firm, or within the value chain in which the firm is embedded. None take much notice of the potential value of external resources that are not owned by the firm in question, but may nonetheless create value for the firm. These external resources, such as volunteer contributors, innovation communities and ecosystems, and surrounding networks represent growing sources of value creation.